6020 Creedmoor Road, Raleigh, NC 27612 ~ Cell: (919) 280-2726 Erin@HomesInRaleigh.org

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Raleigh Housing Market
February 2023

Homes in Wake County
Data from Triangle Multiple Listing Service

Closed Sales
Average Sales Price
Average Days On Market Until Sale
Number of Homes For Sale

February
2022
1,281
$496,461
13
725

February
2023
1,097
$511,896
40
1,797

Annual
Change
-14.4%
+3.1%
+207.7%
+147.9%

February Indicators Buyer Demand Down and Slower Price Growth

• Raleigh Closed Sales: Home sales fell this month compared to last February. February sales were down by 14.4% over February of last year.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last February. The average price of homes sold in February was $511,896. That's an increase of 3.1% over last year in February.

• Days On Market: The average days on market before a sale rose this month compared to last February. The average days on market for February was 40 days. That's an increase of 207.7% from February last year.

• Raleigh Active Listings: Active listings rose strongly this month. Listings rose 147.9% from last year in February. February had an inventory of 1,797 homes for sale.

According to the Triangle MLS, "In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors (NAR).

With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring."

If you are looking into buying a home, make sure you are Buyer-Ready for this ever-changing market. The best way to do this is to make sure you are with a strong Realtor that knows how to manage these situations and who will keep you on top of all the important information and steps in this challenging time. People are still out there and They're Buying Now.

If you're looking for an Experienced, Knowledgeable Buyer Realtor to show you around the ins and outs of this market, we'd love to help. We specialize in the Triangle communities and surrounding areas. We sell a lot of homes and we know what we're doing. Contact us and we can help you too :-)

The Raleigh Housing Market Reports below will give you a detailed look inside the current and past Raleigh Area Housing Market.

If you have questions about the Raleigh Real Estate Market,
or what your Raleigh home is worth Email Us or Call us Today at 919-280-2726

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